CAMDEN — The Philadelphia 76ers organization will move its practice space and front office operations to the corner of Delaware Avenue and Martin Luther King Boulevard in Camden, following a vote by the New Jersey Economic Development Authority Tuesday to approve $82 million in tax breaks to the team over the next 10 years.

A requirement of receiving that credit, to be paid out in annual installments of $8.2 million, will be the creation of at least 250 jobs at the site, not including construction jobs.

However, 200 of those jobs will be transfers from the Sixers' current offices, according to team CEO Scott O'Neil. The team will hire 50 new employees during its transition into its new Camden offices.

According to NJ EDA President and COO Tim Lizura, the state and city will benefit from approximately $76.6 million in "direct and indirect taxes" next 35 years. He added that includes "ancillary economic effects" of the relocation, including possible retail and restaurant space that may open around the area.

EDA officials said the new 120,000-square-foot facility will be located at the southeast corner of MLK Boulevard and Delaware Avenue, which is currently a parking lot owned by the Parking Authority of the City of Camden (PACC). The team will invest $82 million in the construction project.

Officials said they hope to break ground in October, and have the team ready to move in come June 2016.

The 76ers currently practice at the Philadelphia College of Osteopathic Medicine.

According to Lizura, the team had toured several potential locations, including the Philadelphia Navy Yard.